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ALSP Orchid Acquisition Corp I - ALOR

  • Commons

    $9.98

    +0.00%

    ALOR Vol: 0.0

  • Warrants

    $0.09

    +0.00%

    ALORW Vol: 0.0

  • Units

    $9.88

    +0.00%

    ALORU Vol: 0.0

Average: 0
Rating Count: 0
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SPAC Stats

Market Cap: 180.7M
Average Volume: 143.0K
52W Range: $9.47 - $10.69
Weekly %: -0.10%
Monthly %: +0.10%
Inst Owners: 0

Info

Target: Searching
Days Since IPO: 225
Unit composition:
Each unit has an offering price of $10.00 and consists of one Class A ordinary share and one half of one redeemable warrant
Trust Size: 15000000.0M

Management

Officers, Directors and Director Nominees.” Our officers and directors presently have, and any of them in the future may have additional, fiduciary or contractual obligations to other entities and, accordingly, may have conflicts of interest in determining to which entity a particular business opportunity should be presented. Following the completion of this offering and until we consummate our initial business combination, we intend to engage in the business of identifying and combining with one or more businesses. Each of our officers and directors presently has, and any of them in the future may have, additional fiduciary or contractual obligations to other entities, including private funds under the management of ALSP and their respective portfolio companies, pursuant to which such officer or director is or will be required to present a business combination opportunity to such entity. In addition, existing and future funds managed by ALSP and their respective portfolio companies may compete with us for business combination opportunities and, if such opportunities are pursued by such entities, we may be precluded from pursuing such opportunities. Accordingly, they may have conflicts of interest in determining to which entity a particular business opportunity should be presented. These conflicts may not be resolved in our favor and a potential target business may be presented to another entity prior to its presentation to us. Our amended and restated memorandum and articles of association provide that we renounce our interest in any corporate opportunity offered to any director or officer unless such opportunity is expressly offered to such person solely in his or her capacity as a director or officer of the company and such opportunity is one we are legally and contractually permitted to undertake and would otherwise be reasonable for us to pursue, and to the extent the director or officer is permitted to refer that opportunity to us without violating another legal obligation. In addition, our sponsor and our officers and directors may sponsor or form other special purpose acquisition companies similar to ours or may pursue other business or investment ventures during the period in which we are seeking an initial business combination. Any such companies, businesses or ventures may present additional conflicts of interest in pursuing an initial business combination. For a complete discussion of our executive officers’ and directors’ business affiliations and the potential conflicts of interest that you should be aware of, please see “Management — Officers, Directors and Director Nominees,” “Management — Conflicts of Interest” and “Certain Relationships and Related Party Transactions.” Management’s flexibility in identifying and selecting a prospective acquisition candidate, along with our management’s financial interest in consummating our initial business combination, may lead management to enter into an acquisition agreement that is not in the best interest of our shareholders. Subject to the requirements in Nasdaq rules and our amended and restated memorandum and articles of association that we must complete one or more business combinations having an aggregate fair market value of 48 Table of Contents at least 80% of the value of the trust account (excluding any taxes payable) at the time of the agreement to enter into such initial business combination, we will have virtually unrestricted flexibility in identifying and selecting a prospective acquisition candidate. Investors will be relying on management’s ability to identify business combinations, evaluate their merits, conduct or monitor diligence and conduct negotiations. Management’s flexibility in identifying and selecting a prospective acquisition candidate, along with management’s financial interest in consummating our initial business combination, may lead management to enter into an acquisition agreement that is not in the best interest of our shareholders, which would be the case if the trading price of our ordinary shares after giving effect to such business combination was less than the per-share trust liquidation value that our shareholders would have received if we had dissolved without consummating our initial business combination. Our executive officers, directors, security holders and their respective affiliates may have competitive pecuniary interests that conflict with our interests. We have not adopted a policy that expressly prohibits our directors, executive officers, security holders or affiliates from having a direct or indirect pecuniary or financial interest in any investment to be acquired or disposed of by us or in any transaction to which we are a party or have an interest. In fact, we may enter into a business combination with a target business that is affiliated with our sponsor, our directors or executive officers, although we do not intend to do so. Nor do we have a policy that expressly prohibits any such persons from engaging for their own account in business activities of the types conducted by us. Accordingly, such persons or entities may have a conflict between their interests and ours. In particular, certain of the ALSP funds are focused on investments in the life sciences industry. As a result, there may be substantial overlap between companies that would be a suitable business combination for us and companies that would make an attractive target for the ALSP funds. In addition, our amended and restated memorandum and articles of association provide that we renounce our interest in any corporate opportunity offered to any director or officer unless such opportunity is expressly offered to such person solely in his or her capacity as a director or officer of our company and such opportunity is one we are legally and contractually permitted to undertake and would otherwise be reasonable for us to pursue, and to the extent the director or officer is permitted to refer that opportunity to us without violating another legal obligation. The personal and financial interests of our directors and officers may influence their motivation in timely identifying and selecting a target business and completing a business combination. Consequently, our directors’ and officers’ discretion in identifying and selecting a suitable target business may result in a conflict of interest when determining whether the terms, conditions and timing of a particular business combination are appropriate and in our shareholders’ best interest. If this were the case, it would be a breach of their fiduciary duties to us as a matter of Cayman Islands law and we or our shareholders might have a claim against such individuals for infringing on our shareholders’ rights. See the section titled “Description of Securities — Certain Differences in Corporate Law — Shareholders’ Suits” for further information on the ability to bring such claims. However, we might not ultimately be successful in any claim we may make against them for such reason. Since our sponsor, officers and directors will lose their entire investment in us if our initial business combination is not completed, a conflict of interest may arise in determining whether a particular business combination target is appropriate for our initial business combination. On September 22, 2021, our sponsor subscribed to purchase 4,312,500 founder shares for an aggregate purchase price of $25,000, or approximately $0.006 per share, of which 562,500 shares are subject to forfeiture if the underwriters do not exercise their over-allotment option in full. Prior to the initial investment in the company of $25,000 by our sponsor, the company had no assets, tangible or intangible. The number of founder shares issued was determined based on the expectation that such founder shares would represent 20% of the outstanding shares after this offering. The founder shares will be worthless if we do not complete an initial business combination. In addition, our sponsor has committed to purchase an aggregate of 825,000 (or 915,000 if the underwriters’ over-allotment option is exercised in full) private placement units, that will also be worthless if we 49 Table of Contents do not complete a business combination. Our sponsor and our directors and executive officers have agreed (A) to vote any shares owned by them in favor of any proposed business combination and (B) not to redeem any founder shares in connection with a shareholder vote to approve a proposed initial business combination. In addition, we may obtain loans from our sponsor, affiliates of our sponsor or an officer or director. The personal and financial interests of our officers and directors may influence their motivation in identifying and selecting a target business combination, completing an initial business combination and influencing the operation of the business following the initial business combination. We may engage in a business combination with one or more target businesses that have relationships with entities that may be affiliated with our sponsor, executive officers, directors or existing holders which may raise potential conflicts of interest. In light of the involvement of our sponsor, executive officers and directors with other entities, we may decide to acquire one or more businesses affiliated with our sponsor, executive officers, directors or existing holders. Our directors also serve as officers and board members for other entities, including, without limitation, those described under “Management — Conflicts of Interest.” Such entities may compete with us for business combination opportunities. Our sponsor, officers and directors are not currently aware of any specific opportunities for us to complete our initial business combination with any entities with which they are affiliated, and there have been no substantive discussions concerning a business combination with any such entity or entities. Although we will not be specifically focusing on, or targeting, any transaction with any affiliated entities, we would pursue such a transaction if we determined that such affiliated entity met our criteria for a business combination as set forth in “Proposed Business — Effecting our initial business combination — Evaluation of a target business and structuring of our initial business combination” and such transaction was approved by a majority of our independent and disinterested directors. Despite our agreement to obtain an opinion from an independent investment banking firm that is a member of FINRA or an independent valuation or accounting firm regarding the fairness to our company from a financial point of view of a business combination with one or more domestic or international businesses affiliated with our sponsor, executive officers, directors or existing holders, potential conflicts of interest still may exist and, as a result, the terms of the business combination may not be as advantageous to our public shareholders as they would be absent any conflicts of interest. Certain shares beneficially owned by our initial shareholders will not participate in liquidating distributions and, therefore, our officers and directors may have a conflict of interest in determining whether a particular target business is appropriate for our initial business combination. Our initial shareholders have agreed to (i) waive their redemption rights with respect to their founder shares and (ii) waive their rights to liquidating distributions from the trust account with respect to their founder shares if we fail to consummate an initial business combination within 15 months from the closing of this offering (or during any Extension Period). Our initial shareholders have entered into an agreement with us, pursuant to which they have agreed to waive their redemption rights with respect to their founder shares and any public shares they may acquire during or after this offering in connection with the completion of our initial business combination. However, if our initial shareholders acquire public shares in or after this offering, they will be entitled to liquidating distributions from the trust account with respect to such public shares if we fail to consummate an initial business combination within 15 months from the closing of this offering (or during any Extension Period). Accordingly, the founder shares will be worthless if we do not consummate our initial business combination. The personal and financial interests of our directors and officers may influence their motivation in timely identifying and selecting a target business and completing a business combination. Consequently, our directors’ and officers’ discretion in identifying and selecting a suitable target business may result in a conflict of interest when determining whether the terms, conditions and timing of a particular business combination are appropriate and in our shareholders’ best interest. 50 Table of Contents Risks Relating to Our Securities We may not be able to consummate our initial business combination within the required time period, in which case we would cease all operations except for the purpose of winding up and we would redeem our public shares and liquidate. Our amended and restated memorandum and articles of association provide that we must complete our initial business combination within 15 months from the closing of this offering (or during any Extension Period). We may not be able to find a suitable target business and complete our initial business combination within such time period. Our ability to complete our initial business combination may be negatively affected by general market conditions, volatility in the capital and debt markets and the other risks described herein. If we have not completed our initial business combination within such time period, we will: (i) cease all operations except for the purpose of winding up; (ii) as promptly as reasonably possible but not more than ten business days thereafter, redeem the public shares, at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the trust account, including interest earned on the funds held in the trust account and not previously released to us to pay our income taxes, if any (less up to $100,000 of interest to pay dissolution expenses), divided by the number of the then issued and outstanding public shares, which redemption will completely extinguish public shareholders’ rights as shareholders (including the right to receive further liquidation distributions, if any); and (iii) as promptly as reasonably possible following such redemption, subject to the approval of our remaining shareholders and our board of directors, liquidate and dissolve, subject in each case, to our obligations under Cayman Islands law to provide for claims of creditors and the requirements of other applicable law. In such case, our public shareholders may only receive $10.20 per share, and our warrants will expire worthless. In certain circumstances, our public shareholders may receive less than $10.20 per share on the redemption of their shares. See “—If third parties bring claims against us, the proceeds held in the trust account could be reduced and the per-share redemption amount received by shareholders may be less than $10.20 per share” and other risk factors below. Our shareholders may be held liable for claims by third parties against us to the extent of distributions received by them upon redemption of their shares. If we are forced to enter into an insolvent liquidation, any distributions received by shareholders could be viewed as an unlawful payment if it was proved that immediately following the date on which the distribution was made, we were unable to pay our debts as they fall due in the ordinary course of business. As a result, a liquidator could seek to recover some or all amounts received by our shareholders. Furthermore, our directors may be viewed as having breached their fiduciary duties under Cayman Islands law to us or our creditors and/or may have acted in bad faith, thereby exposing themselves and our company to claims, by paying public shareholders from the trust account prior to addressing the claims of creditors. We cannot assure you that claims will not be brought against us for these reasons. We and our directors and officers who knowingly and willfully authorized or permitted any distribution to be paid out of our share premium account while we were unable to pay our debts as they fall due in the ordinary course of business would be guilty of an offense and may be liable for a fine and imprisonment for five years in the Cayman Islands. Unlike some other similarly structured special purpose acquisition companies, our sponsor will receive additional Class A ordinary shares if we issue certain shares to consummate an initial business combination. The founder shares will automatically convert into Class A ordinary shares concurrently with or immediately following the consummation of our initial business combination on a one-for-one basis, subject to adjustment for stock splits, stock dividends, reorganizations, recapitalizations and the like, and subject to further adjustment as provided herein. In the case that additional Class A ordinary shares or equity-linked securities are issued or deemed issued in connection with our initial business combination, the number of Class A ordinary shares 51 Table of Contents issuable upon conversion of all founder shares will equal, in the aggregate, on an as converted basis, 20% of the total number of Class A ordinary shares outstanding after such conversion (after giving effect to any redemptions of Class A ordinary shares by public shareholders). This amount will include the total number of Class A ordinary shares issued, or deemed issued or issuable upon conversion or exercise of any equity-linked securities or rights issued or deemed issued, by the Company in connection with or in relation to the consummation of the initial business combination, but will exclude any Class A ordinary shares or equity-linked securities or rights exercisable for or convertible into Class A ordinary shares issued, or to be issued, to any seller in the initial business combination and any private placement units issued to our sponsor, officers or directors upon conversion of working capital loans, provided that such conversion of founder shares will never occur on a less than one-for-one basis. This is different than some other similarly structured special purpose acquisition companies in which the sponsor will only be issued an aggregate of 20% of the total number of shares to be outstanding prior to our initial business combination. We will require public shareholders who wish to redeem their ordinary shares in connection with a proposed business combination, or an amendment to our amended and restated memorandum and articles of association to effect the substance or timing of their redemption obligation if we fail to timely complete a business combination, to comply with specific requirements for redemption that may make it more difficult for them to exercise their redemption rights prior to the deadline for exercising their rights. We will require our public shareholders seeking to exercise their redemption rights, whether they are record holders or hold their shares in “street name,” to either (i) tender their certificates to our transfer agent prior to the expiration date set forth in the tender offer documents mailed to such holders, or in the event we distribute proxy materials, up to two business days prior to the vote on the proposal to approve the business combination or amendment to our amended and restated memorandum and articles of association to modify the substance or timing of our obligation to allow redemption in connection with our initial business combination or to redeem all public s

SEC Filings

Form Type Form Description Filing Date Document Link
10-Q FORM 10-Q 2022-05-16 https://www.sec.gov/Archives/edgar/data/1883962/000119312522151846/d297796d10q.htm
10-K FORM 10-K 2022-03-31 https://www.sec.gov/Archives/edgar/data/1883962/000119312522091998/d268349d10k.htm
4 FORM 4 SUBMISSION 2022-03-18 https://www.sec.gov/Archives/edgar/data/1883962/000120919122020061/xslF345X03/doc4.xml
SC 13D SC 13D 2022-03-18 https://www.sec.gov/Archives/edgar/data/1883962/000119312522079463/d345216dsc13d.htm
SC 13G 2022-02-14 https://www.sec.gov/Archives/edgar/data/1883962/000093583622000146/aloru13g.htm
SC 13G/A FORM SC 13G/A 2022-02-14 https://www.sec.gov/Archives/edgar/data/1883962/000106299322003893/formsc13ga.htm
SC 13G SC 13G 2022-02-08 https://www.sec.gov/Archives/edgar/data/1883962/000110465922013389/tm225488d4_sc13g.htm
SC 13G/A ALSP ORCHID ACQUISITION CORPORATION I 2022-02-03 https://www.sec.gov/Archives/edgar/data/1883962/000090266422001034/p22-0589sc13ga.htm
8-K 8-K 2022-01-06 https://www.sec.gov/Archives/edgar/data/1883962/000119312522003570/d266037d8k.htm
SC 13G ALSP ORCHID ACQUISITION CORPORATION I 2021-12-03 https://www.sec.gov/Archives/edgar/data/1883962/000090266421005154/p21-2615sc13g.htm
8-K 8-K 2021-11-30 https://www.sec.gov/Archives/edgar/data/1883962/000119312521343755/d211406d8k.htm
SC 13G FORM SC 13G 2021-11-29 https://www.sec.gov/Archives/edgar/data/1883962/000106299321011739/formsc13g.htm
8-K 8-K 2021-11-24 https://www.sec.gov/Archives/edgar/data/1883962/000119312521339791/d260794d8k.htm
424B4 424B4 2021-11-22 https://www.sec.gov/Archives/edgar/data/1883962/000119312521336488/d233637d424b4.htm
EFFECT 2021-11-18 https://www.sec.gov/Archives/edgar/data/1883962/999999999521004403/xslEFFECTX01/primary_doc.xml
3 FORM 3 SUBMISSION 2021-11-18 https://www.sec.gov/Archives/edgar/data/1883962/000120919121065601/xslF345X02/doc3.xml
3 FORM 3 SUBMISSION 2021-11-18 https://www.sec.gov/Archives/edgar/data/1883962/000120919121065599/xslF345X02/doc3.xml
3 FORM 3 SUBMISSION 2021-11-18 https://www.sec.gov/Archives/edgar/data/1883962/000120919121065597/xslF345X02/doc3.xml
3 FORM 3 SUBMISSION 2021-11-18 https://www.sec.gov/Archives/edgar/data/1883962/000120919121065594/xslF345X02/doc3.xml
3 FORM 3 SUBMISSION 2021-11-18 https://www.sec.gov/Archives/edgar/data/1883962/000120919121065590/xslF345X02/doc3.xml
3 FORM 3 SUBMISSION 2021-11-18 https://www.sec.gov/Archives/edgar/data/1883962/000120919121065585/xslF345X02/doc3.xml
3 FORM 3 SUBMISSION 2021-11-18 https://www.sec.gov/Archives/edgar/data/1883962/000120919121065577/xslF345X02/doc3.xml
3 FORM 3 SUBMISSION 2021-11-18 https://www.sec.gov/Archives/edgar/data/1883962/000120919121065573/xslF345X02/doc3.xml
3 FORM 3 SUBMISSION 2021-11-18 https://www.sec.gov/Archives/edgar/data/1883962/000120919121065568/xslF345X02/doc3.xml
3 FORM 3 SUBMISSION 2021-11-18 https://www.sec.gov/Archives/edgar/data/1883962/000120919121065563/xslF345X02/doc3.xml
3 FORM 3 SUBMISSION 2021-11-18 https://www.sec.gov/Archives/edgar/data/1883962/000120919121065561/xslF345X02/doc3.xml
CERT 2021-11-18 https://www.sec.gov/Archives/edgar/data/1883962/000135445721001355/8A_Cert_ALOR.pdf
8-A12B 8-A12B 2021-11-18 https://www.sec.gov/Archives/edgar/data/1883962/000119312521333453/d419500d8a12b.htm
CORRESP 2021-11-16 https://www.sec.gov/Archives/edgar/data/1883962/000119312521331193/filename1.htm
CORRESP 2021-11-16 https://www.sec.gov/Archives/edgar/data/1883962/000119312521331181/filename1.htm
S-1/A S-1/A 2021-11-15 https://www.sec.gov/Archives/edgar/data/1883962/000119312521330096/d233637ds1a.htm
S-1 S-1 2021-11-03 https://www.sec.gov/Archives/edgar/data/1883962/000119312521318312/d233637ds1.htm
UPLOAD 2021-10-08 https://www.sec.gov/Archives/edgar/data/1883962/000000000021012294/filename1.pdf
DRS 2021-10-06 https://www.sec.gov/Archives/edgar/data/1883962/000095012321012906/filename1.htm